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GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $33.58, but opened at $34.31. GigaCloud Technology shares last traded at $35.97, with a volume of 923,024 shares changing hands.
Analysts Set New Price Targets
Separately, Roth Mkm increased their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.
View Our Latest Research Report on GigaCloud Technology
GigaCloud Technology Stock Up 3.5 %
The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 15.11 and a beta of 2.26. The company’s 50-day moving average is $31.53 and its 200-day moving average is $19.54.
Insider Buying and Selling
In related news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares in the company, valued at $25,829,940.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the sale, the chief technology officer now owns 947,540 shares of the company’s stock, valued at $25,829,940.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 440,287 shares of company stock worth $12,647,135. Insiders own 45.30% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC purchased a new position in GigaCloud Technology during the third quarter worth about $9,634,000. Bridgeway Capital Management LLC purchased a new position in GigaCloud Technology during the fourth quarter worth about $6,036,000. Verition Fund Management LLC purchased a new position in GigaCloud Technology during the fourth quarter worth about $4,613,000. New York State Common Retirement Fund purchased a new position in GigaCloud Technology during the third quarter worth about $1,895,000. Finally, Quadrature Capital Ltd purchased a new position in GigaCloud Technology during the fourth quarter worth about $2,803,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.
About GigaCloud Technology
(Get Free Report)
GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.
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